All Forum Posts by: Rob Gillespie

Travis,

The only worry is that you lied to the bank to get the loan with less down at a better rate. If you look at your closing docs, it says do you INTEND on occuping the property? You did, and things did not work out.

Just treat it as a rental on your taxes, the IRS and your underwriter are probably not family discussing you over dinner. LOL! Good luck with the employee! :mrgreen:

Antonio,

Congrats on takin the plunge into the biz!

I am sure that is what a lot of "guru's" have said, but in my experience over the past 15 years, (most of it in wholesaling) that is not how it works!

1. Find a kick A$$ deal on your own. (know and understand your market)

2. Lock it up in a contract that you can get out of if you have to.
(60 business days to close)

3. Show a very detailed form that expalins all of the costs to cure if necessray as well as accurate comps.
(take the guess work out for your buyer, a confused mind says no)

4. Run a sexy ad to sell the property. This will build your buyers list. There is not a reason to have a bunch of people to buy on a house that does not exist. (get the house first, the buyers will come!)

5. Have a great title comapny that will handle your assignement of contract. When you assign it, the terms of the contract will remain the same. So if there is a split of closing costs, your seller pays half and the buyer pays the other.

Hope that helps simplify things. I know it is not what they teach, but this is how it works! :mrgreen:

THANKS BEN! This may be a first of me being a fav. for posting! I was worried I pissed most people off, LOL!

You can wholesale without spendnig a lot of time. I have someone else do my marketing for about a buck per unit. I get around 8 calls in per 100 tags I have put out. I have someone else screen my calls and sift through the crap, and I talk to the hot ones that are ready to rock! You can do this in your spare time.

If you would like advice on how to fit it in, post what free time you have, and I will work in a great plan for you to knock it out of the park! :mrgreen:

George,
First off, great name! I named my son after you! Anyhow, you may want to get in tight with a title company, they can hold your check without depositing it.

This will not work on buying bank owned stuff. They like to use their own title companies.

Earnest money can be a good thing. When I lowball, I offer 1k not refundable and a quick close. I tell them they can take the money now to use as they want once the title work is back. It REALLY motivates a broke seller!! :mrgreen:

Welcome back!! :mrgreen:

Mike,
I would write in the contract that you need to have scheduled times to show potential partners, contractors, insurance reps, etc..

If they will not have it, the deal needs to be REALLY sexy to just take pics and a video of to move it.

You may want to ask what their reasoning is. It may be something you can easily overcome.

Good luck :mrgreen:

Well, unlike the market, their money is secured by real estate that is worth twice what they have in it. There is not a ton of convincing.

I do not use much of it anymore, but if you show you know what the heck you are doing, you can do it! :mrgreen:

Mike,

This is the toughest part of the investing biz! You will get bids all over the board, but I gotta tell you if you want it to work well, you gotta be your own GC. Break it down into small bites. Hvac, Electrical, Plumbing,
Drywall, Trim, Paint, etc...

If you give it to one guy, he will get overwhelmed and the deal will go south quickly! If you have someone that is good enough to see it through, you will not be able to afford them.

I wrote a book, Vacant house to beautiful home. It is in editing right now. I will see if it is cleaned up enough to send you a digital copy. I would be happy to put a link on here to give it out to everyone if it is not considered self promotion.
It is a great outline on how to evaluate a beat up home. :mrgreen:

Marcello,

NETWORK, NETWORK AND THEN NETWORK SOME MORE!!

The best deals out there never hit the market, they are created by realtionships and great negotiating.

Yes, all cash can get you some great discounts!! :mrgreen:

LOL! Carlos, they are all like that. I would just give them a scope of work, and have them line item bid it. I would then walk away and make phone calls until they are finished.

The only thing worse than that is when you have 2 guys working on the same job, and they put each others work down!
I get real tired of that! :mrgreen: